Telenor Makes Profit on Intelsat Shares

By | October 21, 2004 | Uncategorized

Norwegian telco Telenor has announced that it will make a book profit of around $62 million from the sale of its four percent share in Intelsat. The deal will see Telenor receive $129 million in cash. Telenor has fewer than 7 million shares in Intelsat. Telenor will receive cash for the shares. The deal is expected to close by the end of this year. Zeus Holding Ltd., a consortium of four private equity groups, is taking over Intelsat

Stig Eide Sivertsen, Managing Director of Telenor Broadcast commented, “Even though we are selling our shares in Intelsat, Telenor will still be a part owner of the new Intelsat 10-02 satellite, which was launched in June. We will continue to develop the strong industrial co-operation with Intelsat, encompassing operations and joint ownership of satellites, independently of the change of ownership in the company.”

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